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It means more locally-raised money will stay inside the county with officials estimating it could raise an additional £14 million.

However, there are no details on what the cash windfall will be spent on.

Sajid Javid, Secretary of State for Communities and Local Government, said: “I’m determined to give councils more control over the money they raise locally and am delighted to confirm Lincolnshire as a new area to pilot business rates retention.

“With councils in the area working together and sharing their business rates income, they will be able to make more effective decisions that can have a positive impact on the wider area, as well as investing to encourage further growth.”

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Findings from these pilots will feed into options for local authorities across the country to retain more of the money they raise in the future.

The move builds on previous pilots originally launched in Liverpool, Greater Manchester, West Midlands, West of England, Cornwall and Greater London in April 2017, which will also continue into next year.

Alongside the 2018 to 2019 pilots, the government will continue to work with local authorities, the Local Government Association, and others on reform options that give local authorities more control over the money they raise.